Our 2022 Middle Market Trends Survey found that business leaders said that understanding tax reform, finding ways to reduce taxable income and navigating state nexus requirements are among the top tax challenges that they face.
It is not surprising that business leaders feel so challenged by the enormity and complexity of tax issues. They impact the profitability of their companies. While business leaders feel they need to get a handle on their company’s tax position in order to minimize tax liability and maximize profits, it is a daunting task. Tax law and IRS regulatory guidelines are complex and ever changing. Moreover, whenever Congress is in session, new tax law may be enacted.
The decision makers in every company cannot conquer these tax challenges alone. They need the advice and counsel of their tax advisor. Their tax advisor stays on top of all the changes in tax law and IRS regulations and can show them how to incorporate tax planning strategies into their business operations. That, in turn, will help manage tax liability, maximize cash flow and preserve wealth.
We covered several important topics for middle market businesses in our 2022 Middle Market Trends Survey, click here to download the full results.